CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. South Africa To Give Tax Breaks To Create Jobs

South Africa To Give Tax Breaks To Create Jobs

by Lorys Charalambous, Tax-News.com, Cyprus

14 February 2011


In his State of the Nation Address, South African President Jacob Zuma established the reduction of unemployment and creation of jobs as one of the government’s highest priorities, and promised a jobs fund and tax breaks.

He exhorted all parts of the public and private sectors to focus on tackling the level of unemployment, which is reported to be around 24%. He said that the government, on its part, would establish a fund of ZAR9bn (USD1.23bn) to finance job-creating initiatives over the next three years, while there would also be ZAR20bn in new tax allowances or credits to promote those investments in manufacturing industries that would increase employment.

In addition, he announced that the Industrial Development Corporation would allocate a total of ZAR10bn over the next five years for investing in labour-intensive projects. There would also be help for small businesses, largely by a reduction in onerous regulations.

Zuma himself gave few details of the proposed measures. They are expected to be provided by the Finance Minister Pravin Gordhan when he unveils his budget on February 23.

TAGS: South Africa | tax | investment | small business | economics | business | fiscal policy | tax credits | manufacturing | unemployment | tax breaks | Africa

To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »